If the government were to grant an award to the public servant who has made the greatest effort over the last year to manage expenditure, Her Majesty The Queen would be a strong contender, declared The Spectator in an editorial on 9 July, 2011.

"The Royal public finances published this week reveal that the cost of running the Royal household has fallen over the past year by 5.3% to £32.1 million,” the journal added. Extracts from the editorial follow.

“Proportionally, The Queen has made more cuts in one year then George Osborne (Chancellor of the Exchequer) intends to do over five.”

“The Royal household is now costing the taxpayer less in absolute terms than it was in 2007.”

“Had the British government reduced total costs by 5.3%, the structural deficit would have been eliminated already –and the era of austerity ended.”

“It is counterintuitive that an unelected monarchy should act more wisely with public money than an elected government. But anyone who tries to argue the monarchy is a drain on the taxpayer should look at the French model. The cost of running Nicolas Sarkozy's household have almost trebled since he entered the Elysée Palace.”

“Those who dragged Marie Antoinette to the scaffold would be astonished to see the airs and graces acquired by the leaders of the Republic.”